This report is an updated version of the report published on 07 October 2025 at 09:12 AM GMT+ 1

London BTC Company Limited (LSE: BTC) is an LSE listed, British Virgin Islands-based Bitcoin treasury company. The Company is building up a strategic Bitcoin holding through acquiring Bitcoin as a treasury and currency management tool and by adding Bitcoin through its own Bitcoin mining operations in North America.

Key Investment Rationale – Speculative Buy at GBX 5.08

• Strategic Review to Unlock Value: The Board has initiated a comprehensive strategic review of the business. This proactive measure demonstrates a commitment to carefully evaluating all options to maximise value for shareholders. The review encompasses potential new partnerships, licensing arrangements, and financing avenues, indicating a methodical approach to navigating current challenges and leveraging the company's assets.

• Intellectual Property and Pipeline Development: The company maintains a pipeline of product candidates with distinct market positions. Eroxon Intense is progressing towards regulatory approvals, and WSD4000 addresses a significantly underserved market in female sexual health with no current OTC alternatives. Continued investment in these R&D programs suggests confidence in the long-term value of its intellectual property and future product offerings.

• Clear Pathway for Near-Term Non-Dilutive Cash Inflow: The company anticipates a USD 2.5 million milestone payment from Haleon upon the grant of a US patent, which is expected in the first half of 2026. External legal advice indicates a high probability of this patent being granted. This payment represents a near-term, non-dilutive cash inflow that would extend the company's financial runway.

• Prudent Financial Management and Cost Control: In response to the revised revenue outlook and delayed milestone payment, the company has initiated a cost-cutting program. This action reflects a disciplined approach to cash preservation, aiming to extend the operational runway while the strategic review is underway and longer-term financing options are explored.

BTC Daily Chart & Valuation

As per the above-mentioned price action and technical indicators analysis, a ‘Speculative Buy’ rating has been given on London BTC Company Limited (LSE: BTC) at the Current Market Price of GBX 5.08, as of October 07, 2025, at 08:36 AM GMT + 1.

Markets are trading in a highly volatile zone currently due to certain Macro & Micro-economic data and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 07 October 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.